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Definition
| Promise or guarantee given to a customer that a product will meet certain standards |
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Definition
| Stated explicitly verbally or in writing to encourage a customer to make a purchase |
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Definition
| Guarantees that if a product is found to be defective within the warranty period, it will be repaired or replaces |
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Definition
| May exclude certain parts of a product from coverage or require the customer to bear some expense |
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Definition
| Takes effect automatically by state law whenever a purchase is made |
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Term
| Warranty of merchantability |
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Definition
| Seller's promise that the product sold is fit for its intended purpose |
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| Warranty of fitness for a particular purpse |
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Definition
| Used when the seller advises a customer that a product is suitable particular use and the customer acts on the advice |
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Term
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Definition
| A statement that contains exceptions to and exclusions from a warranty |
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Term
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Definition
| Enables businesses or individuals to obtain products or money in exchange for a promise to pay later |
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Definition
| Enable customers to change purchases during a month and pay the balance in full within 30 days after billed |
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Term
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Definition
| Allow for payments over a period of time |
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Definition
| The retailer determines the credit limit and payment terms |
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Term
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Definition
| Allow for the payment of a purchases item over a certain time period without a finance charge |
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